Congratulations K Street Ad Hoc members! You have recommended a proposal with 80M funding gap with zero chance of being filled!
What do we (Sacramento) win? A K Street Mall stretch that will look the same (if not worse) in 10 years!!
Instead of being responsible and actually looking at the financial feasibility of the project given the subsidy levels the city has available (which I think tend to be somewhat important nowadays) you couldn't get your eyes off the pretty pictures.
We should all know pretty pictures are a dime a dozen here in Sacramento. Where the money come from is the key question.
The city does not have the money for this project. Plain and simple. It's not even a matter of whether to spend money the city has, they simply do not have the money for the subsidy level required.
Doesn't matter if the 5000 sf house looks better than the 2000 sf one, if you can't afford it, you can't afford it. The recent housing situation should have taught people this.
My support goes fully toward the D&S project who has provide a financing plan that might just actually work. On top of that, the project just happens to provide what the 700 block exactly needs.
If they can reproduce what they did at 14th and R, but on a larger scale, it will be the greatest transformation K Street has seen in decades.
Please go to the link below and email the city council to use common sense in this matter.
On Saturday, July 10, D&S Development will host an event with information about the "Promenade on K," their proposed project for 700 block of K Street.
The event will take place at the Shady Lady, 1409 R Street, from 6 PM-8 PM.
Complimentary food samplings from local retailers will be provided. The Shady Lady is one of several local businesses interested in joining the K Street project. They propose a mid-sized music venue to fill a much-needed niche in the local live entertainment scene, along with multiple restaurants and bars within the venue. This, along with other local businesses, will provide the retail component, while D&S provides mixed-income housing above and behind the retail stores.
According to Bay Miry of D&S, "The focus of our proposal is for it to be a balance between boldnessand doability. The proposal consists of 136 workforce apartments above unique predominantly locally operated retail. All while historically preserving the existing buildings. Think our 14&R project but albeit on a grander scale.
Evidence of equity and financing has been given to the City. The amount of subsidy our proposal requests per unit is significantly lower when compared apples to apples with the other proposals. All ground floor retail tenants have already been identified!"
On Tuesday July 13, the Sacramento City Council will assign an Exclusive Right to Negotiate for the K Street project. The city's selection committee chose the D&S project and David Taylor's 700/800K, LLC, to share the project.
An ad-hoc committee of City Council members chose the Rubicon Partners project. The City Council meeting will select a proposal for further work by city staff, an important step towards revitalizing K Street.
D&S has also set up a website where the public can show their support for the project to the city council, mayor, and city manager:
Saturday July 10, 6-8 PM
The Shady Lady, 1409 K Street